Circle Internet (CRCL) financial statements
Circle Internet reported revenue of $110M in fiscal 2025, up 135.2% a year over 2 years.
Net income was -$70M and the operating margin -87.8%, against 1357.1% in 2023.
Free cash flow was $473M.
The diluted share count rose 135% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Circle Internet's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $20M | $15M | $110M |
| Selling, general and admin | $137M | $155M | $216M |
| Operating income | $270M | $167M | -$96M |
| Interest expense | $2M | $2M | $1M |
| Pre-tax income | $319M | $222M | -$103M |
| Income tax | $47M | $65M | -$33M |
| Net income | $268M | $156M | -$70M |
| EPS (diluted) | $0.78 | $0.30 | -$0.44 |
| Diluted shares | 68M | 73M | 159M |
| Operating margin | 1357.1% | 1102.0% | -87.8% |
| Net margin | 1347.2% | 1026.2% | -63.3% |
Balance sheet
Fiscal years, from Circle Internet's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $369M | $751M | $1.5B |
| Receivables | — | $6M | $63M |
| Total current assets | — | $45.2B | $77.8B |
| Property, plant and equipment | — | $19M | $23M |
| Goodwill | $170M | $170M | $266M |
| Total assets | — | $45.8B | $78.7B |
| Total current liabilities | — | $44.0B | $75.3B |
| Total liabilities | — | $44.1B | $75.4B |
| Shareholders' equity | $339M | $571M | $3.3B |
| Net debt | -$369M | -$751M | -$1.5B |
Cash flow
Fiscal years, from Circle Internet's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | $140M | $345M | $542M |
| Capital spending | $34M | $57M | $69M |
| Free cash flow | $106M | $287M | $473M |
| Stock-based compensation | $108M | $50M | $566M |
| Share buybacks (net) | -$9M | $0 | $0 |
| Free cash flow margin | 534.0% | 1894.3% | 431.2% |
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Open CRCL in InvestinglyQuestions
What was Circle Internet's revenue in 2025?
$110M in fiscal 2025, from its 10-K filing.
How much free cash flow does Circle Internet generate?
$473M in fiscal 2025 (operating cash flow minus capital spending).
From Circle Internet's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.